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RSA completed the second round of its financial reinvention yesterday as it agreed a £300 million deal to sell the majority of its insurance operations in eastern Europe to a group controlled by the Polish state.

Only weeks after completing its £775 million rights issue as part of its drive to shore up its financial strength, Britain’s biggest commercial insurer sold off three businesses in the Baltic region and a fourth company in Poland.

The buyer of the businesses, including AAS Balta and the Estonian branch of Codan Forsikring, was PZU, the largest insurer in central and eastern Europe, that